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US – Resorts World Las Vegas sets a new personal best

By - 24 November 2023

Resorts World Las Vegas (RWLV) enjoyed its best ever quarter with Q3 revenue increasing by 11.7 per cent quarter-to-quarter to reach a reord US$230m with EBITDA increasing by 52.9 per cent to US$52m.

Owner Genting pitched hotel occupancy at 90.4 per cent for the quarter. Genting said: “RWLV benefited from a mix of concert headliners and events, including the NFL Super Bowl and college basketball tournaments, paired with a robust convention quarter which drove strong visitation to RWLV’s property. The stronger USD also contributed to increased revenue and EBITDA.”

Nomura analysts Tushar Mohata and Alpa Aggarwal said RWLV ‘continues to strive for yield improvement, and mentioned that the Formula 1 weekend on 18 and 19 November recorded strong demand.’

“We also asked management about risks from the launch of the new Fontainebleau Las Vegas property in mid-Dec, which will have ~3,600 rooms and will be located close to RWLV near the north-end of Las Vegas strip,” they added. “Management acknowledged competition risks but is hopeful that the new resort will attract more traffic to the north-end of the strip.”

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